Free Credit Score: Start Here
What is Credit History?
Information from your initial borrowing of money or application for credit is recorded on your credit history. It consists of comprehensive details of your past financial activities which includes when and how much you borrowed or repaid, any late payments (typically 30+ days overdue) and even bankruptcy information. Your ‘credit worthiness’ is established from your credit history. Credit card companies, banks, auto loan companies, mortgage companies and other major lenders use this information to decide whether or not to lend you money and at what interest rate if so.
Stay Informed of Your Credit Report
A credit report condenses the descriptive information from your credit history, which makes it one of the main tools for lenders to determine how much to lend you and at what interest rate. A credit score or rating indicating your credit worthiness is usually included with your credit report. Three major credit bureaus (TransUnion, Experian, Equifax) provide the credit reports. FICO scores between 300-900 are assigned using the FICO model.
What Your Credit Means to AL Companies
Your credit worthiness plays a great role in your life in AL. It comes down to having a good credit when you want to apply for a credit card or qualify for a mortgage. Being familiar with your credit history and credit worthiness is suggested.